ArcelorMittal to invest $600 million in Mexico

ArcelorMittal to invest $600 million in Mexico
PTI
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First Published: Mon, Aug 04 2008. 03 37 PM IST
Updated: Mon, Aug 04 2008. 03 37 PM IST
London: Global steel player ArcelorMittal on 4 August announced a $600 million investment plan in Mexico for construction of a new steel mill and other allied infrastructure.
The proposed mill will produce carbon steel and bars including rebar, merchant and special bar quality products that will principally serve the construction and automotive sectors, a statement from ArcelorMittal said.
The facility will be based on electrical steel-making equipment and have a capacity of one million tonnes of billets a year besides a new bar rolling mill of half a million tonnes capacity, it added.
The L.N. Mittal-led company said the additional production will be directed to the domestic market, mainly to produce high-added value steel products and also to support the Government of Mexico’s National Infrastructure Plan and Housing Programme.
The new facility will use state-of-the-art technology and steel processing to ensure it is both energy-efficient and environmentally responsible, the company said.
ArcelorMittal is currently evaluating potential sites for the proposed mill in Mexico. The commencement of construction will be subject to the receipt of appropriate regulatory approvals by the relevant local authorities.
“The decision concerning the final location will be based upon a number of factors including logistics, supply chain and the availability of sufficient resources to run and operate the plant efficiently and responsibly,” ArcelorMittal Group management board member Gonzalo Urquijo said.
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First Published: Mon, Aug 04 2008. 03 37 PM IST